Soros Fund Management is spinning off its 12-person credit team as a separate firm. Camulos Capital's first fund will focus on leveraged loans and distressed debt, according to Alternative Investment News, an LMW sister publication. George Soros will provide the bulk of the seed capital for the Camulos Partners fund, but his investment will be lowered as outside investors' capital begins to flow in. A first $500 million close to outside investors will take place July 1, after which point the fund can accommodate another $500 million. Richard Brennan, who heads the group, started the road show in Europe last week. Brennan declined to comment.
The investment minimum will be $10 million. There will be a one-year lockup period with penalties for withdrawing capital during the second year. There will be a 2% management fee and a 20% performance fee. The fund's multi-strategy credit focus will be spread evenly among leveraged loans, event-driven distressed debt and a basket of other credit strategies.
The group is in the process of completing a move from the 33rd to the 28th floor at Soros' Seventh Avenue digs in Manhattan, where it has sublet space until the end of the year. In January it will move to new space in Stamford, Conn. For now, the group will keep its existing middle- and back-office structure. Camulos is the Celtic god of war.Michael Vachon, Soros spokesman, declined to comment.
